Definitions for "INTEREST RATE ADJUSTMENT PERIOD"
The length of time between changes in interest rate on an Adjustable or Variable Rate Mortgage.
See Adjustment Interval.
The frequency of rate adjustments on an ARM after the initial rate period is over. The rate adjustment period is sometimes but not always the same as the initial rate period. As an example, using common terminology, a 3/3 ARM is one in which both periods are 3 years while a 3/1 ARM has an initial rate period of 3 years after which the rate adjusts every year.